Euro backs off three-week high on US-China tensions

2020-05-22 09:53:30 GMT (Economies.com)
Euro backs off three-week high on US-China tensions

Euro fell in European trade against dollar for another session away from three-week highs on profit-taking while the dollar gains ground on haven demand as US-China tensions mount. 

 

EUR/USD fell 0.4% to 10900, with an intraday high at 1.0953.

 

Euro closed yesterday down 0.3%, the first loss in five sessions away from three-week high at 1.1008. 

 

The dollar index rose 0.3% on Friday for another session away from two-week lows at 99.00. 

 

Geopolitical tensions are surging between US and China on multiple issues such as the Covid 19 pandemic, the handling of Taiwan and Hong Kong. 

 

The pair is still up 0.7% on track for the first weekly profit in three on profit-taking. 

 

Both Germany and France suggested launcing a 500 billion euro recovery fund to support countries and segments most affected by the virus. 

 

However, gathering approval for that proposal might take time, with some richer and more conservative countries expected to balk at the scale of it. 

 
 
 
  Symbol Last Change Chg.%
1.1234
0.0115
1.0370%
1.2574
0.0160
1.2873%
Tadawul
7222.41
-62.82
0.86%
17.642
-0.437
2.417%
36.742
2.255
6.539%
39.50
-0.09
0.23%
1698.300
-34.385
1.984%
 
 
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